Most of retail has been feeling the earnings burn this quarter. Will Best Buy (BBY) - Get Reportstand out or feel the pain?

If the quarter is bad, the market will not be willing to overlook it, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on Thursday from the floor of the New York Stock Exchange.

If the results fail to impress investors, the stock is almost certainly going down, he added. After going through Target's (TGT) - Get Report conference call, Cramer found that home entertainment and electronics did not do well for the retailer. Perhaps it will be the same for Best Buy.

However, with Best Buy being a retailer of Apple (AAPL) - Get Report products, and with the latter gearing up for a big iPhone refresh cycle, there could be positives catalysts.

If investors are looking for a way to play Apple, Best Buy could be a way to do so in the second half of 2016, Cramer explained. The iPhone will be launched later this fall.

Shares of Best Buy are up 2% on the day. Analysts expect the company to earn 35 cents per share on $8.29 billion in revenue.

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At the time of publication, Cramer's Action Alerts PLUS had a long position in AAPL and TGT.